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Canada CPI Slows More Than Expected For The Second Month In A Row

CANADA DATA
  • Canadian inflation slowed more than expected with headline CPI +2.8% YOY vs consensus for +3.1% and +0.3% MOM vs +0.6% expected. 
  • Headline inflation is the slowest since June 2023. 
  • Core CPI measures slowed by 0.2 pp each to +3.1% for median and +3.2% for trim, the core rates remain the slowest since 2021. 
  • The year-over-year deceleration was driven by cellular services, food, and internet. Gasoline offset the deceleration rising +0.8% YOY after -4% in Jan.
  • Food price inflation came in slower than headline for the first time since October 2021 at+2.4% YOY. The deceleration was largely attributable to a base-year effect from supply constraints in Feb 2023. 
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